"THE WEALTH OF NATIONS."

THE recent dinner held in New York in honor of Adam Smith's Work, "The Wealth of Nations," has excited considerable comment, and has aroused an interest in the subject which we hope will bear its fruits. The matter comes home to us in view of the recent withdrawal of Political Economy from the list of required studies.

At the time this withdrawal took place, the Crimson expressed great regret at the loss of so valuable a study, but the matter is too serious to receive only a passing notice. There are very few among us who have not felt, to some degree, the effect of the prostration of business at present existing, and yet still fewer understand the causes which have led to it. The laws of Political Economy are at the basis of all financial enterprises, both public and private. No government or business man can afford to ignore them. And yet young men are to be given a certificate of having received a liberal education from Harvard College without having studied even the principles of a science which will underlie almost every financial transaction in which they may be concerned.

Many of the legislators of the country have been lately indulging in the most absurd theories of finance. Many have shown by their opinions, written and spoken, the most incredible ignorance of Political Economy. Some will lay this at the door of our republican institutions, and say that it is because in this country ignorant men can be elected to office. But the blame is not to be shifted so easily; the fault lies rather in the schools, which have neglected a most important branch of study. Many of those who show such utter incapacity to deal with questions of finance are, in other respects, clear-headed and intelligent. It is not that they are ignorant men, but that, however well informed in other respects, they are ignorant of the very knowledge which is most essential to their position. Failures in business continually occur through mistakes in financial enterprises, and these mistakes are often due to ignorance of the laws of Economy. The experience of every year shows more and more clearly the necessity of a knowledge of this science, and the certainty with which disaster results from a neglect of it.

At Harvard College an elective course is offered in Political Economy, but it is made so difficult, and goes into details to such an extent, as to greatly diminish the number of those who take advantage of it. What is wanted is not an advanced course for the few, but an elementary course for all. Once the foundations of the science are mastered, and well impressed upon the mind, the superstructure will come of itself by observation and experience.

The absence of such a course in our curriculum is all the more blameworthy and unnecessary in view of the required studies which are still retained. Will any unbiassed mind prefer Trigonometry to Political Economy, either as regards the practical utility of the study or its value in training the mind? Can it be more valuable to a man to be able to solve an oblique triangle than to understand the questions of financial policy which are agitating the whole country? Our colleges and schools are responsible for the prevailing ignorance of Political Economy. Harvard takes the lead by ceasing to require its "liberally educated" alumni to have the slightest knowledge of the most important science of the day.

B. T.